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home. Besides, why place the cart before the horse? If the entrance into the market is desirable, someone must go there to sell, if selling is to be direct; why not let him first investigate?

The Formulation of Plans

Not many American business houses have as yet developed in their organizations anything like a board of strategy, nor can it be said even yet that trade strategy is a generally accepted factor in the conduct of business. The tendency, however, in large business undertakings is manifestly in this direction. In nearly every organization there is some individual or group concerned with the deliberate planning of the selling campaigns and in superintending their execution.

In recent years advertising agencies in the United States have gradually developed into just such strategic boards for planning and conducting selling campaigns. Some of these agencies have their own strategic organizations; others advise their clients how to proceed in the development of their tradechiefly domestic trade-very much on the lines indicated here. They are acting upon the theory that modern merchandising or scientific selling calls for carefully organized research into trade conditions-for analysis of markets, study of the consumer, and development of the technique of trade. It is always wisest to start on a foreign trade reconnoitering expedition with a definite written plan as to the information to be obtained, what is to be studied, and how to proceed. (See Appendix D for "Investigator's Instruction Sheet" and "Investigator's Analysis Sheet.")

The chief work of the strategist comes after all this. When he has gathered his necessary information he decides upon the nature of his campaign, devises selling methods, prepares the plan of sales, selects representatives, creates a sales organization, and does all that is necessary to the successful conduct of business in a particular country. If the strategic

knowledge has been wisely obtained, the plans carefully drawn and carried out, and the market conditions are favorable, then all the elements of success are present.

Recapitulation

In the succeeding chapters the principal lines which every strategic investigation in foreign markets should follow will be considered separately and in some detail. But before ending this chapter the following points should be emphasized.

Essentially there is no difference between domestic and foreign trade. The basic principles remain the same whether the commerce is between people of the same country or of different hemispheres. The differences between the two kinds of trade are differences of detail. In overseas trade the details are naturally more complicated and less easy to master.

The most up-to-date methods of trade-preparedness study, and of the investigation and planning which form the basis of domestic business campaigns, should be adopted in foreign trade. This study will include a complete understanding of the supply and the demand for the product the exporter is to offer, and of the structure and psychology of the market in which it is to be pushed. The plan should be formulated with scientific exactness and cover the following steps:

1. A preliminary home study of the contemplated market.
2. A written plan of investigation to be conducted at
first hand, if possible.

3. A compilation of the data thus obtained, digested,
classified, systematized, and embodied in a chart.
4. A written plan of the campaign to be based firmly on
these data and to be carried out with vigor and with
painstaking precision.

When this has been done the trader may feel that he has made a truly adequate preliminary preparation for his task.

CHAPTER IV

SOURCES OF FOREIGN TRADE INFORMATION

Statistical Information

Statistical information may be governmental or private. Governmental statistics are gathered by nearly every country and cover almost everything. An important part of every government's statistical data is that which is drawn from or concerns foreign trade.

Defects of Governmental Statistics

Such data, however, to be really useful, should be properly compiled and classified. In some countries more attention is paid to this very essential point than in others. Unfortunately, in many instances the greater stress is laid on the accumulation of a mass of facts; hence the student of the world's trade is frequently obliged to classify and digest such statistical information as he may obtain on the subject which interests him. If, instead, ways and means were devised for the organization and compilation of the material gathered-for placing it in such form as to be easily accessible to all who are interested in any line of investigation-its sphere of usefulness would be greatly increased and the ends of science better served. This work is in itself a science. No great skill is necessary to compile the figures obtained at a custom house, but it takes a great deal of skill and originality to place each item where it belongs and so to arrange the data that they touch every pursuit and fill every requirement. On the whole, the government's statistical information is usually defective, because it embraces too large a field and for the most part is too general.

But one has to avail oneself of governmental statistics when necessity arises, whether they are defective or not. The statistical annals of foreign governments should be consulted when those of one's own government fail to satisfy the particular inquiry. For a comparative statement of imports and exports of every country the writer has found the British Abridged Annual very convenient.

When complicated information is sought an expert should usually be employed to search out the information concealed in the maze of figures. Large concerns have their own statistical departments, and a number of private firms make it their business to supply statistical information. All of these people, however, have to depend largely on governmental sources, and the chief value of these works lies in the arrangement of material and in its presentation in such form as to make it available to the average business man.

Miscellaneous Sources of Information

To the miscellaneous sources of information belong consular reports and other governmental publications on the subject of foreign trade, current discussions at conferences of exporters and trade associations, the articles in the trade journals, and the information disseminated by the chambers of commerce, boards of trade, and various foreign trade organizations.

Consular Information

Consular information is not only useful, but indispensable. It is unfortunate that manufacturers and exporters are not apt to think of governmental assistance until they are in trouble, and when not the preventive but the cure is required. Still, it is a well-known fact that the government bureaus are not so efficient an instrumentality for good as they might be expected to be. They are often slow and unprogressive. In the United

States many special reports published by the Department of Commerce are too antiquated to be useful.

Trade Discussions

Every year discussions of special topics are held at various trade meetings throughout the country, which are published for the most part either in special reports or in the trade papers. The trade papers print also from time to time the experiences of traveling men and the opinions of professional writers. It cannot be said, however, that these sources of foreign trade information have yet reached in every case the stage where it would pay a busy man to spend much time in studying them.

Special trade information, such as is gathered and disseminated by trade associations-for instance, the Automobile Manufacturers' Association-is exceedingly valuable if properly organized. This is really the best method for the acquisition of special knowledge. It is a pity that such associations do not pay more attention to this particular line of work.

Governmental Trade Investigation

In the preceding chapter stress was laid upon the value of first-hand trade information. The securing of such information necessitates a personal trip into the country under investigation. On account of the large expense involved such a trip is oftentimes impossible. The government, realizing the handicap upon smaller manufacturers who are ambitious for foreign trade, is sending out special investigators into various countries to study and report on trade conditions. Each of these representatives is empowered to carry on an investigation in some specific line, such as hardware or automobiles.

While this is an excellent idea, such an investigation usually covers so large a field and takes so long a time that when it is completed and published many of its points are out of date

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